Genprex, Inc. Announces Closing of $17,500,000 Common Stock Offering At-The-Market and Without Warrants
February 21 2020 - 4:15PM
Business Wire
Genprex, Inc. (“Genprex” or the “Company”) (Nasdaq: GNPX), a
clinical-stage gene therapy company utilizing a unique, non-viral
proprietary platform designed to deliver tumor suppressor genes to
cancer cells, announced today that it closed its previously
announced common stock offering priced at-the-market under Nasdaq
rules. The Company sold an aggregate of 5,000,000 shares of its
common stock at a price of $3.50 per share for gross proceeds to
the Company of $17.5 million, before deducting commissions and
estimated offering expenses. There were no warrants issued in the
offering.
A.G.P./Alliance Global Partners acted as the lead placement
agent for the offering, and Joseph Gunnar & Co., LLC acted as
co-placement agent for the offering.
The Company intends to use the net proceeds from the offering to
advance its drug development programs and for working capital and
general corporate purposes.
“The successful closing of this transaction is further evidence
that our corporate vision and proprietary technology in the gene
therapy cancer treatment market are gaining traction with
institutional investors,” commented Rodney Varner, Chief Executive
Officer at Genprex. “This offering will provide additional
resources for further development of our technologies, including
the planned clinical trial of our Oncoprex™ immunogene therapy in
combination with osimertinib (marketed as Tagrisso® by Astra
Zeneca) for which we recently received a U.S. FDA Fast Track
Designation, and our planned clinical trial of Oncoprex immunogene
therapy combined with pemrolizumab (marketed as Keytruda by Merck
& Co), both in non-small cell lung cancer, as well as further
development of our pre-clinical gene therapy for Type 1 and Type 2
diabetes which we recently in-licensed from the University of
Pittsburgh. We are excited to advance these new drug candidates
toward potential availability for treatment of these serious
diseases in large patient populations with unmet medical
needs.”
The securities were offered pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-233774) previously
filed and declared effective by the U.S. Securities and Exchange
Commission (the “SEC”) on October 28, 2019 and an additional
registration statement on Form S-3 (File No. 333-236504) filed
pursuant to Rule 462(b) under the Securities Act 1933, as amended,
filed with the SEC.
A prospectus supplement and accompanying prospectus relating to
the offering have been filed with the SEC and are available for
free on the SEC's website at www.sec.gov. Electronic copies of the
final prospectus supplement and the accompanying prospectus
relating to the offering may be obtained from either
A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor,
New York, New York 10022 or by email at prospectus@allianceg.com or
Joseph Gunnar & Co. LLC, 30 Broad Street, 11th Floor, New York,
New York 10004 or by email at investmentbanking@jgunnar.com.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities described herein,
nor will there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation, or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Genprex, Inc.
Genprex, Inc. is a clinical stage gene therapy company
developing potentially life-changing technologies for cancer
patients with cancer and other serious diseases. Genprex’s
technologies are designed to administer disease-fighting genes to
provide new treatment options for large patient populations with
cancer and other serious diseases who currently have limited
treatment options. Genprex works with world-class institutions and
collaborators to in-license and develop drug candidates to further
its pipeline of gene therapies in order to provide novel treatment
approaches for patients with cancer and other serious diseases. The
company’s lead product candidate, Oncoprex™ immunogene therapy for
non-small cell lung cancer (NSCLC), uses the company's unique,
proprietary platform which delivers cancer-fighting genes by
encapsulating them into nanoscale hollow spheres called
nanovesicles, which are then administered intravenously and taken
up by tumor cells where they express proteins that are missing or
found in low quantities. In January 2020, the FDA granted Fast
Track Designation for Oncoprex in combination with AstraZeneca's
Tagrisso® for the treatment of NSCLC. For more information, please
visit the company’s web site at www.genprex.com or follow Genprex
on Twitter, Facebook and LinkedIn.
Forward-Looking Statements
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of words
such as "anticipate," "believe," "forecast," "estimated" and
"intend" or other similar terms or expressions that concern
Genprex’s expectations, strategy, plans or intentions. These
forward-looking statements are based on Genprex’s current
expectations and actual results could differ materially and include
statements regarding the intended use of proceeds of the offering.
There are a number of factors that could cause actual events to
differ materially from those indicated by such forward-looking
statements. These factors include, but are not limited to, our need
for additional financing; our ability to continue as a going
concern; clinical trials involve a lengthy and expensive process
with an uncertain outcome, and results of earlier studies and
trials may not be predictive of future trial results; our clinical
trials may be suspended or discontinued due to unexpected side
effects or other safety risks that could preclude approval of our
product candidates; uncertainties of government or third party
payer reimbursement; competition; uncertainties of patent
protection and litigation; dependence upon third parties;
regulatory, financial and business risks related to our
international expansion and risks related to failure to obtain FDA
clearances or approvals and noncompliance with FDA regulations.
There are no guarantees that any of our products will be utilized
or prove to be commercially successful. Additionally, there are no
guarantees that future clinical trials will be completed or
successful or that any of our product candidates will receive
regulatory approval for any indication or prove to be commercially
successful. Investors should read the risk factors set forth in
Genprex’s Form 10-K for the year ended December 31, 2018, and other
periodic reports filed with the Securities and Exchange Commission.
While the list of factors presented here is considered
representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Unlisted
factors may present significant additional obstacles to the
realization of forward-looking statements. Forward-looking
statements included herein are made as of the date hereof, and
Genprex disclaims any obligation to publicly update or release any
revisions to these forward-looking statements, whether as a result
of new information, future events or otherwise, after the date of
this press release or to reflect the occurrence of unanticipated
events, except as required by law.
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Genprex, Inc. (877) 774-GNPX (4679)
Investor Relations GNPX Investor Relations (877) 774-GNPX
(4679) ext. #2 investors@genprex.com
Media Contact Genprex Media Relations Kalyn Dabbs (877)
774-GNPX (4679) ext. #3 media@genprex.com
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